3) Greta, Harriet, and Ivy have a retail partnership business selling personal computers. The partners...
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3) Greta, Harriet, and Ivy have a retail partnership business selling personal computers. The partners are Page 1 of 4 ACC 401 Advanced Accounting allowed an interest allocation of 6% on their average capital. Capital account balances on the first day of each month are used in determining weighted average capital, regardless of additional partner investment or withdrawal transactions during any given month. Withdrawals of capital that are debited to the capital account are used in the average calculation. Partner capital activity for the year was: Required: Calculate weighted average capital for each partner and determine the amount of interest that each partner will be allocated. Round all calculations to the nearest whole dollar. (10 marks)
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3) Greta, Harriet, and Ivy have a retail partnership business selling personal computers. The partners are Page 1 of 4 ACC 401 Advanced Accounting allowed an interest allocation of 6% on their average capital. Capital account balances on the first day of each month are used in determining weighted average capital, regardless of additional partner investment or withdrawal transactions during any given month. Withdrawals of capital that are debited to the capital account are used in the average calculation. Partner capital activity for the year was: Required: Calculate weighted average capital for each partner and determine the amount of interest that each partner will be allocated. Round all calculations to the nearest whole dollar. (10 marks) 